Power of Attorney: Healthcare and Financial
A Power of Attorney is a document in which you designate an agent, also called an attorney-in-fact, to act on your behalf. You can give your appointed agent broad or limited powers. A “durable” power of attorney, unlike a traditional power of attorney, continues even if you become disabled, and is an indispensable feature of disability planning. These are simple yet essential documents. In any given year, a person is far more likely to become disabled or incapacitated than to die. Yet disability planning is often overlooked.
Financial Power of Attorney
A Power of Attorney designates a person to handle your finances on your behalf. This is critical in the event you are injured or develop Alzheimer’s or other forms of dementia.
A power of attorney must be executed before you become mentally incapacitated. If this is put off too long, the court must appoint a conservator to handle the affairs of an incapacitated person.
Healthcare Power of Attorney
A Healthcare Power of Attorney, also known as a Medical Power of Attorney, authorizes your agent to make medical decisions on your behalf. This is essential in the event you are injured or mentally incapacitated.
In any given year, a person is far more likely to become disabled or incapacitated than to die. Yet disability planning is often overlooked.
The Health Insurance Portability and Accountability Act (HIPAA) prohibits healthcare providers from sharing healthcare information without a HIPAA release form. For example, the parent of a child over 18 generally cannot call a hospital to receive a status update unless they are named on a HIPAA Release. Thus, including important family members is key.